IDFC First Bank Fraud Case: 11 Accused Arrested, 100 Accounts Frozen Eleven individuals have been arrested in connection with a fraud case involving IDFC First Bank, including six bank employees, four private individuals, and one government official. The investigation, led by the Haryana State Vigilance and Anti-Corruption Bureau, has uncovered a scheme where fake companies were used to divert government funds into multiple bank accounts. Authorities have frozen over 100 accounts suspected of being linked to the fraudulent activities. The probe revealed that unauthorised transfers of money from government departments were funneled into accounts operated by fictitious entities such as R S Traders, Cap Co Fintech Services, SRR Planning Gurus Pvt Ltd, and Swastik Desh Project. Requests to freeze these accounts have been fulfilled, and further actions are being taken to trace the flow of funds. A Special Investigation Team (SIT), supervised by senior IPS officer Ganga Ram Punia, has been formed to probe the case. The investigation has identified 12 bank accounts linked to eight government departments, with 10 of them held at IDFC First Bank’s Chandigarh branch and two at AU Small Finance Bank. The SIT has raided 16 locations, recovering documents related to property purchases and seizing over 25 electronic devices, including mobile phones and laptops, for cyber forensic analysis. Luxury vehicles, including three Toyota Fortuners, two Innovas, and one Mercedes, have also been seized, suspected to have been purchased using illicit proceeds. The accused allegedly manipulated banking records by creating fake debit memos or transferring funds without proper authorisation.#idfc_first_bank #rs_traders #cap_co_fintech_services #haryana_state_vigilance_and_anti_corruption_bureau #ganga_ram_punia
Forged Memos, Frozen Accounts: Inside Rs 590 Crore IDFC First Bank Scam The Haryana Anti Corruption Bureau (ACB) has taken significant steps in investigating a Rs 590 crore scam involving IDFC First Bank, where officials allegedly misappropriated government funds through a complex network of fake companies and forged documents. Over 100 bank accounts have been frozen as part of the probe, which uncovered unauthorized transfers from eight government departments. The investigation revealed that the accused used fabricated debit memos, manipulated bank statements, and unauthorised transactions to divert public money into fictitious entities. Key details of the case include the arrest of 11 individuals, including a government employee, and the seizure of assets worth Rs 590 crore. The accused allegedly created fake firms such as RS Traders, Cap Co Fintech Services, SRR Planning Gurus Pvt. Ltd., and Swastik Desh Project to siphon funds. These entities received money through illegal transfers, with transactions conducted without proper authorisation. The ACB has also recovered numerous documents and seized properties suspected to be linked to the crime, including six vehicles like Fortuners, Innovas, and a Mercedes. The investigation, led by the State Vigilance and Anti-Corruption Bureau (SV&ACB), began with a case registered on February 23 at the Panchkula police station. The probe has identified the involvement of multiple government officials, private individuals, and bank employees. A thorough audit of the accounts from the past year is currently underway, with authorities working to trace the entire flow of funds.#haryana_anti_corruption_bureau #idfc_first_bank #state_vigilance_and_anti_corruption_bureau #rs_traders #cap_co_fintech_services
